Bill C-82
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C is ten per cent of the total value of the assets
of the association, as shown in the last
annual financial statement of the
association prepared before that time.
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| Meaning of
``total assets''
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(1.1) For the purpose of subsection (1),
``total assets'' of the association has the
meaning that it is given by section 400.
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(2) Section 406 of the Act is amended by
adding the following after subsection (2):
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(3) Subsection (1) does not apply to
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150. The Act is amended by adding the
following before section 410:
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| Definition of
``senior
officer''
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409.1 For the purposes of this Part, a
``senior officer'' of a body corporate is a
person who is
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151. (1) Paragraph 410(1)(b) of the Act is
replaced by the following:
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(2) Paragraphs 410(1)(d) to (g) of the Act
are replaced by the following:
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(3) Subsections 410(5) to (7) of the Act are
replaced by the following:
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| Exemption
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(5) The Superintendent may, by order,
designate a class of non-voting shares of an
association for the purpose of this subsection.
If a class of non-voting shares of an
association is so designated, a person is
deemed, notwithstanding paragraph (1)(a),
not to be a related party of the association if the
person would otherwise be a related party of
the association only because the person has a
significant interest in that class.
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| Determi- nation of control
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(6) For the purposes of paragraph (1)(d),
``controlled'' means ``controlled, within the
meaning of section 3, determined without
regard to paragraph 3(1)(e)''.
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152. Subsection 419(3) of the Act is
replaced by the following:
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| Service
corporations
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(3) Notwithstanding subsection 413(2), an
association is deemed not to have indirectly
entered into a transaction in respect of which
this Part applies if the transaction is entered
into by a service corporation, as defined in
subsection 386(1), that is controlled by the
association and the transaction is on terms and
conditions at least as favourable to the
association as market terms and conditions, as
defined in subsection 425(2).
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153. (1) Paragraphs 420(1)(a) and (b) of
the Act are replaced by the following:
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(2) Subsection 420(2) of the Act is
replaced by the following:
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| Loans to
full-time
senior officers
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(2) An association may, with respect to a
related party of the association referred to in
subsection (1) who is a full-time senior officer
of the association, make, take an assignment
of or otherwise acquire a loan to the related
party only if the aggregate principal amount of
all outstanding loans to the related party that
are held by the association and its subsidiaries,
together with the principal amount of the
proposed loan, does not exceed the greater of
the annual salary of the related party and
$50,000.
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(3) Subsections 420(4) and (5) of the Act
are replaced by the following:
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| Preferred
terms - loan
to senior
officer
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(4) Notwithstanding section 425, an
association may make a loan, other than a
margin loan, to a senior officer of the
association on terms and conditions more
favourable to the officer than market terms
and conditions, as defined in subsection
425(2), if those terms and conditions of the
loan have been approved by the conduct
review committee of the association.
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| Preferred
terms - other
financial
services
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(5) Notwithstanding section 425, an
association may offer financial services, other
than loans or guarantees, to a senior officer of
the association, on terms and conditions more
favourable than market terms and conditions,
as defined in subsection 425(2), if
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154. Subparagraph 421(1)(d)(ii) of the
Act is replaced by the following:
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155. Section 422 of the Act is replaced by
the following:
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| Margin loans
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422. The Superintendent may establish
terms and conditions with respect to the
making by an association of margin loans to a
senior officer of the association.
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156. Sections 426 and 427 of the Act are
repealed.
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157. Section 429 of the Act is replaced by
the following:
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| Notice to
Superin- tendent
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429. If an association has entered into a
transaction that the association is prohibited
by this Part from entering into, or an
association has entered into a transaction for
which approval is required under subsection
421(1) without having obtained the approval,
the association shall, on becoming aware of
that fact, notify the Superintendent without
delay.
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158. Paragraph 435(2)(a) of the Act is
replaced by the following:
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159. The Act is amended by adding the
following after section 459:
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| Alternative
means of
publication
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459.1 (1) Anything that is required by a
provision of this Act to be published in the
Canada Gazette or to be published in any
other way may, instead of being published in
that way, be published in any manner that may
be prescribed for the purpose of that provision.
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| Alternative
means of
publishing
summaries
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(2) Anything that is required by a provision
of this Act to be summarized in a publication
may instead be summarized and published in
any manner that may be prescribed for the
purpose of that provision.
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| Publication
conditions
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(3) Any condition under a provision of this
Act that something be published in the
Canada Gazette or in any other way is
satisfied if that thing is published instead in
any manner that may be prescribed for the
purpose of that provision.
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| Other
consequences
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(4) Where a provision of this Act provides
for consequences to follow the publication of
something in the Canada Gazette or in any
other manner, the same consequences follow
the publication of that thing in any other
manner that may be prescribed for the purpose
of that provision.
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160. Section 463 of the Act is amended by
adding the following after paragraph (a):
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161. Paragraphs 466(1)(a) and (b) of the
Act are replaced by the following:
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162. Section 467 of the Act is replaced by
the following:
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| Liability of
officers,
directors, etc.
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467. Where an entity commits an offence
under this Act, any officer, director or agent of
the entity who directed, authorized, assented
to, acquiesced in or participated in the
commission of the offence is a party to and
guilty of the offence and liable on summary
conviction or on conviction on indictment to
the punishment provided under paragraph
466(1)(a) for the offence, whether or not the
entity has been prosecuted or convicted.
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163. Subsection 474(1) of the Act is
amended by adding the following after
paragraph (a):
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| 1992, c. 56
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GREEN SHIELD CANADA ACT |
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| 1996, c. 6,
s. 165
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164. (1) The portion of subsection 17(1) of
the Green Shield Canada Act before
paragraph (a) is replaced by the following:
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| Application of
the Insurance
Companies
Act
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17. (1) Subject to any other provision of this
Act, the following provisions of the Insurance
Companies Act, as amended or enacted by An
Act to amend certain laws relating to financial
institutions, enacted during the second session
of the thirty-fifth Parliament, together with
any regulations made under or for the
purposes of those provisions, apply to the
Association, with such modifications as the
circumstances require:
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(2) Paragraph 17(1)(e) of the Act is
replaced by the following:
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